Chinese Travelers Spending More on Local Cuisine rather than Buying Luxury Items
China are affluent travelers and is the world’s biggest force in global luxury spending has now have a preference in local cuisine rather than snapping up luxury items such as Chanel bags and Rolex watches. This is bad news for the luxury industry as according to the Asian luxury travel report during the 10th International Luxury travel market exhibition which interviewed more than 5,000 travelers across Asia and tracked the change in their consumption spending.
The report found out that even with the growing desire and interest among travelers to travel luxuriously in the future, exploring local cuisines in foreign land have overtaken splurges and shopping at outlets seems to be the most popular travel activity for Chinese travelers and their Asian peers. It seems that these travelers re spending more time and their money in enjoying certain cuisines or restaurants and they re no longer craving for luxury shopping as the main agenda. Experts say that travelers are still into shopping, but high end shopping is not much of a different experience whether you are shopping in Tokyo or in Hong Kong.
The report is defining affluent Chinese travelers as those having minimum annual household income of 200,000 yuan and half of them have incomes above 350,000 yuan and around ten percent are making a million yuan a year. one travel agency said that food themed trips especially trips to Michelin starred restaurants are among the requested trips and shopping malls and outlets were no longer that must visit item on their itinerary. Many believe that the rise of e-commerce luxury sites are saving travelers more time and effort so they can concentrate more in doing real tourists activity.
According to travel agencies Japanese cuisines and followed by shopping in France and traversing the Australian landscape are the most favorite activity of the Chinese supper rich, those willing to spend more than 200,000 yuan on travel a year. Chinese outbound tourists have spent 215 billion yuan last year, a figure that is up by 53 percent and taking up the biggest share of the total global travel consumption spending.